In the wake of the tragedy, University President Donald Dedmon leans towards indefinitely suspending the football program, but he is ultimately persuaded to reconsider by the pleas of the Marshall students and Huntington residents, and especially the few football players who didn't make the flight, led by Nate Ruffin. Dedmon hires Jack Lengyel as head coach who, with the help of Red Dawson (one of two surviving members of the previous coaching staff) manages to rebuild the team in a relatively short time, despite losing many of their prospects to West Virginia University. Dedmon travels to Kansas City, where he pleads with the NCAA to waive their rule prohibiting freshmen from playing varsity football (a rule which had been abolished in 1968 for all sports except for football and basketball, and would be permanently abolished for those sports in 1972). Dedmon returns victorious.

The new team is composed mostly of the 18 returning players (three varsity, 15 sophomores) and walk-on athletes from other Marshall sports programs. Due to their lack of experience, the "Young Thundering Herd" ends up losing its first game, 29–6, to the Morehead State Eagles. The loss weighs heavily on Dawson and Ruffin, who had been hurt in the first play of the game. The Herd's first post-crash victory is a 15–13 win against Xavier University in the first home game of the season.

The memorial at Spring Hill Cemetery in Huntington, West Virginia to the victims of the Southern Airways Flight 932 crash was the site of one of the film's pivotal scenes.

Filming of We Are Marshall commenced on April 3, 2006, in Huntington, West Virginia, and was completed in Atlanta, Georgia. The premiere for the film was held at the Keith Albee Theater on December 12, 2006, in Huntington; other special screenings were held at Pullman Square. The movie was released nationwide on December 22, 2006.

Several aspects of the film were changed for dramatic purposes,[4] although the gist of the story was retained.

The film received mixed reviews from critics. Review aggregator Rotten Tomatoes reports that 49% out of 124 professional critics gave the film a positive review, with an average rating of 5.8/10 and the site consensus stating: "Matthew McConaughey almost runs We Are Marshall to the end zone, but can't stop it from taking the easy, feel-good route in memorializing this historic event in American sports."[7]

The film's directing was criticized by many reviewers. Peter Hartlaub, from the San Francisco Chronicle, blamed director McG for "half of the movie problems" and went further on saying that "He has a kinetic and kitschy style that could make next year's "Hot Wheels" movie a surprise hit, but he's completely out of place here."[8] Peter Howell from the Toronto Star said the film lacked genuine drama or conflict.[9]

McConaughey's performance was, according to some critics, one of the film's highlights. Roger Moore from the Orlando Sentinel gave it 4 stars out of 5 and said in his review that "We Are Marshall (it's the rally cry of the team) doesn't always have a handle on the grief, but it does keep emotions close to the surface. That allows McConaughey to be the most refreshing, funny and believable he ever has been."[10]

In the end credits of the movie, clips are shown of some of the more prominent players in Marshall history, such as former NFL players: quarterback Chad Pennington; wide receiver Randy Moss; and quarterback Byron Leftwich.

Keith Morehouse, who was portrayed as a child in the movie, was shown in the end credits. Morehouse is the current sports director for WSAZ-TV in Huntington and is a former play-by-play announcer for Marshall broadcasts. His father, Gene Morehouse, was Marshall's play-by-play announcer when he was killed in the crash. Keith Morehouse's future wife was one of the 18 children left orphaned by the crash.